5 Retirement Mistakes You Must Avoid

Solid long-term planning is the key

#4: Retiring Too Early

Before deciding to retire, you should be able to calculate how much money you have saved and see whether there’s enough to cover you for the rest of your life, including paying for medical expenses.

You won’t be able to collect Social Security till at least age 62, and the chances you’ll be ready to retire at that time might be slim. Many millennials can expect to retire even later. A recent NerdWallet study found that most millennial graduates won’t be able to retire until age 73, because of their student loans.

Also, retiring too early means you’ll have less time to set aside money and need to stretch your savings for longer. That will reduce the amount you can spend each month, of course.